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FOREX: CBN Introduces New Rules, Naira Closes At 367/$ - Business - Nairaland

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FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by ifyan(m): 9:31am On Jun 06, 2017
Oyetunji Abioye
The Central Bank of Nigeria on Monday introduced new rules into the interbank foreign exchange market.

This came barely one week after the naira closed below 370/dollar on the parallel market.

The rules were contained in a new circular tagged, “Further liberalisation of the interbank foreign exchange market,’’ and signed by the Director, Financial Markets, Dr. Alvan Ikoku.

Among other things, the regular said authorised dealers in the interbank were meant to put only N1 spread on their transactions.

It also said that authorised dealers in the forex market could now defease their excess foreign currency trading positions to other authorised dealers in the market without seeking prior approval from the CBN

It read in part, “All authorised dealers shall be subject to a maximum spread of N1. Funds purchased by an authorised dealer from another dealer on the interbank market shall not be held in position overnight by the buying authorised dealer or sold to another authorised dealer.”

Read more@http://www.nairausd.com/2017/06/forex-cbn-introduces-new-rules-naira.html

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Nobody: 9:34am On Jun 06, 2017
naira getting stable small small

12 Likes

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Nobody: 9:34am On Jun 06, 2017
Ok...$1 = 199NGN or nothing sad sad

35 Likes 2 Shares

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Amberon11: 9:38am On Jun 06, 2017
Naira the only twerking currency.

29 Likes 2 Shares

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by ifyan(m): 10:49am On Jun 06, 2017
Keneking:
Ok...$1 = 199NGN or nothing sad sad

Which kain N199. Bro not this morning please,.

$1=N1. Because na part of the current government manifesto

45 Likes

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Adesiji77: 4:28pm On Jun 06, 2017
cc: lalasticlala, dominique, Mynd44

http://punchng.com/forex-cbn-introduces-new-rules-naira-closes-at-367/
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by LionDeLeo: 4:36pm On Jun 06, 2017
Very good.

But my concern for now is; when will they activate and increase withdrawal from Naira-denominated account from $100/month abroad?

I think that will also ease the stress on the naira at home and it won't in any way encourage the much talked-about round tripping.

12 Likes

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by kristian98(m): 4:36pm On Jun 06, 2017
Nigeria keeps getting better when that lazy bone is out of the country. We need more of osinbanjo. It keeps getting better!!! smiley

9 Likes

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by madridguy(m): 4:36pm On Jun 06, 2017
Still very poor.

1 Like

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Firgemachar: 4:37pm On Jun 06, 2017
Speculators modath, EgunMogaji and Onatisi

Please come how lament once more how this CBN policy is a 'useless and unsustainable' one and how the Naira is a 'worthless' currency.

grin grin grin

LordAdam come and ridicule Osinbajo as usual for sustaining the CBN's intervention policy.

grin grin grin

Na una go tire grin

4 Likes

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by obembet(f): 4:37pm On Jun 06, 2017
No need to keep your promise again, just return it to #150/$

9 Likes

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by ChiefSweetus: 4:37pm On Jun 06, 2017
Amberon11:
Naira the only twerking currency.
grin grin grin grin grin

3 Likes

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by LexngtonSteele: 4:38pm On Jun 06, 2017
LOL. ..99% of those who read this, including me don't understand this article.

Some are just responding like robots with programmed hate.

PLEASE, economists and fiscal guys, break it down for the laymen unashamed to learn

36 Likes 2 Shares

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by SalamRushdie: 4:38pm On Jun 06, 2017
Every week a new forex rule
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Nobody: 4:38pm On Jun 06, 2017
cheesy good one

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Rasheedinho3(m): 4:39pm On Jun 06, 2017
Hopefully things will get better sha...

1 Like

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by pwiz(m): 4:39pm On Jun 06, 2017
Better than nothing
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Josmila(m): 4:40pm On Jun 06, 2017
Keneking:
Ok...$1 = 199NGN or nothing sad sad

Hardly bro..the times differ
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by DollarAngel(m): 4:40pm On Jun 06, 2017
BUHARI SHOULD COME BACK AND FINISH WHAT HE STARTED

1 Like

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Nobody: 4:40pm On Jun 06, 2017
Keep dropping...
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by seunny4lif(m): 4:42pm On Jun 06, 2017
Amberon11:
Naira the only twerking currency.

1 Like 1 Share

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Zdoh(m): 4:42pm On Jun 06, 2017
Nice development
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Nobody: 4:45pm On Jun 06, 2017
Brainrex:
cheesy good one

Haba my guy?
At this crucial state wey man dey calculate money make e reach month end u come dey post dis kine dollar bundles?

DiarizGod_oh cry
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by obicentlis: 4:45pm On Jun 06, 2017
CBN you know what to do and you didn't do it and you allowed Naira to crash that low before doing it. What is it taking you guys to bring down bank rate for invisible to 320, which will force the black market to sell at 330.

360 to USD is still very high.

8 Likes 1 Share

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by delivryboy: 4:45pm On Jun 06, 2017
Just when I decided to change money to dollars, then dollars decided to fall for naira. cry
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by dadavivo: 4:46pm On Jun 06, 2017
Buhari is a failure period.

4 Likes

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Realdeals(m): 4:46pm On Jun 06, 2017
Okay, banks are still frustrating the use of Naira MasterCard for foreign transactions.

3 Likes

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Nobody: 4:48pm On Jun 06, 2017
#Graduallly getting there,
#mission the redundant nomad culdn't accomplish in 2years!

The crucial question is when will the new rate start affecting prices of foodstuffs/commodities
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Drabrah(m): 4:49pm On Jun 06, 2017
ifyan:
Oyetunji Abioye
The Central Bank of Nigeria on Monday introduced new rules into the interbank foreign exchange market.

This came barely one week after the naira closed below 370/dollar on the parallel market.

The rules were contained in a new circular tagged, “Further liberalisation of the interbank foreign exchange market,’’ and signed by the Director, Financial Markets, Dr. Alvan Ikoku.

Among other things, the regular said authorised dealers in the interbank were meant to put only N1 spread on their transactions.

It also said that authorised dealers in the forex market could now defease their excess foreign currency trading positions to other authorised dealers in the market without seeking prior approval from the CBN

It read in part, “All authorised dealers shall be subject to a maximum spread of N1. Funds purchased by an authorised dealer from another dealer on the interbank market shall not be held in position overnight by the buying authorised dealer or sold to another authorised dealer.”

Read more@http://www.nairausd.com/2017/06/forex-cbn-introduces-new-rules-naira.html



Is it same Alvan Ikoku on 10kobo coin back in d days?


grin grin

8 Likes

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by yoruBADboi(m): 4:50pm On Jun 06, 2017
Oya fijo gbowo....
Skelewu skelewu
Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by smartty68(m): 4:50pm On Jun 06, 2017
Among other things, the regular said authorised dealers in the interbank were meant to put only N1 spread on their transactions.

Quite worrisome that banks charges more than even parallel markets on foreign transactions these days. Imagine banks like GTB, Access Bank and UBA charging almost close to #400/$ on FX and then I begin to wonder if the intervention by CBN is really worth it... embarassed

Quite unfortunate that CBN speaks English only they understand...


Anyone with CBN Twitter handle should please quote me. Thanks

5 Likes 1 Share

Re: FOREX: CBN Introduces New Rules, Naira Closes At 367/$ by Lanre4uonly(m): 4:51pm On Jun 06, 2017
Ok. It's a gradual process.

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